Presentation and definition of the crypto-currency BitBay (BAY)
- Name of the crypto-currency : BitBay
- Abbreviation : BAY
- Where to buy Ion ? Binance
- Creation Date : November 2014
- No white paper
- Web Site of BitBay
The platform BitBay
BitBay is a marketplace decentralized, which works with a blockchain. Thanks to its advanced technology, BitBay offers the possibility to its members to buy and sell goods and services peer-to-peer, securely and anonymously, without the intervention of an intermediary and without cost. BitBay aims to strengthen the cooperation between the members and to make impossible the scams or frauds. The network is intended for the general public and could be likened to an Ebay or an Amazon decentralized. BitBay not only sell and buy goods, but also to find work or trade goods.
The smarts contracts
The market BitBay uses smart contracts completely inviolable, which prevent any attempt of fraud or any possibility of human error. The products and services offered on BitBay are negotiated with these contracts smart. In summary, when two users want to perform an operation, they will either block a certain amount of tokens BAY, which will only be issued if the conditions of the contract are met. These smart contracts are customizable and flexible according to the specificities and needs of each operation.
A secure network
BitBay promises a network with increased security. Access to the account is secured with a double encrypted key. All communications between members are also encrypted. The transactions are anonymous. It is then up to the member to decide whether or not he wants to use these features.